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US private credit league tables Q2 25

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News and Analysis

US private credit league tables Q2 25

Devin McGinley's avatar
  1. Devin McGinley
•3 min read

The US private credit deal rankings for Q2 2025 are now live, with Audax Private Debt again leading the field with 43 deals. Antares Capital follows closely, while TPG Twin Brook, Apogem, and Morgan Stanley round out the top five for the quarter.

Over the last 12 months, Antares leads with 197 deals, followed by Churchill, Morgan Stanley, Audax and KKR.

We’ll break down the key trends, lender strategies, and market dynamics in our upcoming quarterly US Private Credit Review. Until then, you can explore the full lender rankings and see how deal flow is shaping up across the middle market.

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